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Plug Power stock soars after Morgan Stanley upgrade

Plug Power (PLUG.US) stock surges more than 12.0% during today's session after an upgrade from Morgan Stanley which believes that hydrogen stock can jump more than 30%. Analysts upgraded PlugPower stock to overweight from equal weight and boosted their price target to $40 from $35. Analyst Stephen Byrd said the upgrade was driven by the company's upcoming investor day on Thursday, accelerating growth, legislative support and an attractive risk/reward profile. 

Plug Power also announced a new partnership with Airbus (AIR.FR) to decarbonize air travel and airport operations, with plans to select a U.S. airport as the first “hydrogen hub” pilot airport. Additionally, the company announced collaboration with Phillips 66 (PSX.US) on various hydrogen-related opportunities. Specifically, both companies plan to focus on:

  • Integrating and scaling low-carbon hydrogen in the industrial sector.
  • Advancing hydrogen fueling opportunities for the mobility sector.
  • Developing hydrogen-related infrastructure to support the build-out of the hydrogen value chain.

Plug Power (PLUG.US) stock launched today's session with a bullish price gap and is currently heading towards major resistance at $36.00 which coincides with 200 SMA (red line). Should a break higher occur, an upward move may accelerate towards next resistance at $ 40.30 which is marked with 38.2% Fibonacci retracement of the last downward wave launched in January. On the other hand, if sellers manage to regain control, the nearest support is located at $32.00 and coincides with 23.6% Fibonacci retracement. Source: xStation5

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